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Click ‘Get Form’ to open it in the editor.
Begin by entering your name in the first blank space, identifying yourself as the owner of the property.
In the next field, specify the name of the beneficiary who will receive benefits from the trust, ensuring clarity and accuracy.
Next, indicate the name of the distributee who will manage distribution upon termination of the trust if no direction is provided by the beneficiary.
Insert a detailed description of each item of custodial trust property. This should be legally sufficient to identify and transfer ownership.
Finally, date your declaration and provide your signature at the bottom to finalize your document.

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What is the downside of a living trust?

Here are the cons: A living trust is more complex and typically more costly to set up, and you must retitle your assets in the name of the trust, which is also time-consuming. It doesnt offer any estate tax benefits or special asset protection.

Should I put my house in a trust in Massachusetts?

If protecting your home from future legal or financial troubles is a priority, this could be a major reason to consider a trust. In Massachusetts, certain irrevocable trusts can also be used for MassHealth (Medicaid) planning, potentially protecting assets from long-term costs.

What is the average cost of a trust in Massachusetts?

The average cost of establishing a living trust typically ranges from $1,500 to $2,500, depending on factors such as complexity and the types of assets involved in the estate planning process.

Does a trust avoid Massachusetts estate tax?

Married couples have a very simple technique available to avoid the Massachusetts estate tax. It is possible for married couples to use a tax shelter that is known as a credit shelter trust or a by-pass trust. These tax shelters are typically built into a revocable trust.

What are the disadvantages of a living trust in Massachusetts?

The disadvantages of a living trust can include the complex and costly process of establishing a trust, the lack of ability to name a guardian for a minor or incapacitated child or dependent, and the lack of tax benefits for a revocable living trust.